Thomas Awoleye, Author at Crest Chartered Surveyors

Is Buying a Shared Ownership Property a Good Idea?

Posted on January 6, 2023August 18, 2026 by Thomas Awoleye

The UK’s shared ownership scheme was introduced in the 1980s, but has become increasingly more popular over the last five years, especially in relation to purchasing a new build property in a Government-backed project. The scheme allows those who may find it difficult to get on the property ladder the opportunity to purchase a home through a part ownership, part rent strategy. In other words, you own a certain percentage of the property, and pay rent on the remaining percentage.

But, is buying a shared ownership property a good idea? If you’re looking for a more affordable means to purchase your own home, then exploring your options with a shared ownership scheme is a good idea. However, before you purchase a new home, you’ll need to ensure that you check for hidden costs such as maintenance fees or service charges, which may increase your monthly outgoings.

A RICS registered surveyor will be able to help and advise you further on the shared ownership scheme, what it could mean for you and investigate any potential issues with your property with a survey. To help you learn more about what shared ownership means for you, we’ve explained all the essential information below. Simply keep reading to learn more.

Is it worth buying a shared ownership property?

If you’re looking for a way to jump onto the property ladder, but can’t borrow enough for a mortgage in the current market, then shared ownership offers you an opportunity to purchase a percentage of a property instead. From here, you pay a mortgage on the percentage that you own, and pay rent on the remaining share. Because of your reduced mortgage, you also pay a reduced deposit, meaning that the costs are lower to purchase a home. This makes this scheme a more affordable option for those looking to buy a home.

With a shared ownership, you also have the potential to buy more shares of your property if you desire. This is a process known as ‘staircasing’, which means that you work your way towards owning the whole property, although this isn’t a requirement. It’s worth noting that the process of purchasing more shares can be costly and complicated; it is likely that you will need the guidance of a RICS Chartered Surveyor to help you.

How does the shared ownership scheme work?

Typically, with the shared ownership scheme, you will be able to purchase a share of the home between 25% and 75%. A bank, housing association or private developer will own the remaining percentage, and you will pay rent to them. The rent you pay will be no higher than 3% of the value of the percentage that the landlord owns. For example, if you own 40% of a home worth £200,000, then each year you will pay £3,300 of rent, equal to £275 a month. Further details on renting costs can be found on the GOV UK website.

Do shared ownership properties increase in value?

As with non-shared ownership properties, the value of your house will increase or decrease in line with the current housing market. If the housing market increases, then so will the overall worth of your percentage share. If you are considering selling your shared ownership property, then the value of which your share is worth will be determined by a RICS Chartered Surveyor.

When does the shared ownership scheme end?

As it stands, the current Government-backed scheme does not have an end date. However, most shared ownership properties are leasehold, meaning that you simply have the right to ‘occupy’ the home, and do not own the land forever. Most leasehold agreements are between 99 years to 125 years, meaning that the end of your lease agreement should not be a factor of concern during your ownership. This is especially the case in relation to new build properties. To learn more about your lease agreement, or to have one of our expert team members calculate your leasehold end date in any London-based property, simply get in touch with one of our trustworthy RICS Chartered Surveyors.

Crest Surveyors are here to help

If you’re in London, and you’re seeking more guidance or information on your shared ownership property, simply reach out to one of our RICS-qualified team members today. We offer affordable and reliable services to ensure that your purchase, remortgage or staircasing opportunities for your shared ownership property goes smoothly. Simply get in touch to learn more about how we can help you.

Do You Pay Stamp Duty on New Builds?

Posted on January 6, 2023August 18, 2026 by Thomas Awoleye

The rules around stamp duty have changed in recent months, which may make it a little difficult to know and understand if, or what, you owe when purchasing a property. In this article, we specifically look at new build properties, and when stamp duty must be paid on these properties.

So, do you pay stamp duty on new build properties? New build properties are not exempt from stamp duty, and are subject to the same rates as older properties. However, buyers currently do not pay stamp duty on properties up to £250,000 (£425,000 for first-time buyers).

Read on to learn more about stamp duty and when you can expect to pay it.

Do you have to pay stamp duty on new build houses in the UK?

New build properties are not exempt from stamp duty in the UK, however there are different rates of stamp duty depending on the value of the property and a number of other considerations, therefore not all buyers are subject. As of September 2022, this threshold sits at £250,000 (or £425,000 for first-time buyers) regardless of whether the property is new or pre-owned.

Do you pay stamp duty on a new build as a first time buyer?

First-time buyers do not pay stamp duty on a property up to the value of £425,000. This is on both new and pre-owned properties. After this threshold and up to £625,000, first-time buyers are subject to 5% stamp duty on that additional portion of the purchase price.

When do you pay stamp duty?

Buyers are subject to stamp duty on most domestic properties, regardless of whether it is a new build property, a pre-owned property, a commercial property, or a buy-to-let property. But, it all comes down to thresholds and rates…

Stamp duty rates

Stamp duty is paid on portions of the property price, rather than on the whole price. For example, if a property cost between £250,001 and £675,000, you would pay 5% stamp duty on that portion of the price only, not on the whole price.

Current stamp duty rates are:

Property value	Stamp duty rate	Stamp duty rate on additional properties
Up to £250,000 (£425,000 for first-time buyers)	0%	3%
The next £675,000 (from £250,001 to £925,000)	5%	8%
The next £575,000 (from £925,001 to £1.5 million)	10%	13%
The rest of the amount (over £1.5 million)	12%	13%

Situations where special rates apply include:

A property purchased by corporate bodies
If you’re purchasing six or more properties in one go
Shared ownership homes
Multiple purchases and transfers between the same seller and buyer
Residential property purchased by companies and trusts.

Can stamp duty be waived?

Whilst most properties are subject to stamp duty, there are some circumstances where a buyer could gain relief or be fully exempt. These include:

If no money is exchanged for land or property transfer
If a property is left in a will
If a property is transferred due to divorce or dissolution of civil partnership
If a freehold property costs less than £40,000
If you buy a new or assigned lease of less than 7 years, as long as the amount you pay is less than the residential threshold or non-residential threshold of stamp duty

What happens if you don’t pay stamp duty?

If you owe stamp duty on a property and don’t pay, you will be subject to penalties from HMRC, however, in most cases this will be handled by your solicitor. These penalties are as follows:

Lateness of submission	Penalty amount
Up to 12 months	10% of the duty charge (maximum of £300)
12-24 months	20% of the duty charge
More than 24 months	30% of the duty charge

If you’re then late in paying these fees, you’ll also be subject to interest on top of what you owe from late submission.

Get Help From the Experts

At Crest Surveyors, we boast of a team of RICS Registered Valuers and Chartered Surveyors proficient and experienced at valuing a wide range of properties. We’ll provide you with a reliable valuation at an affordable price, as well as advising on if and how much stamp duty may be owed if you proceed with purchasing a property. Get in touch with us today for more information.

What is the difference between market value and probate value?

Posted on January 6, 2023August 18, 2026 by Thomas Awoleye

If you’ve recently lost a loved one, you may be dealing with confusing legal processes in order to sell their possessions, such as their property. To complete this you’ll need two different valuations: a probate valuation, and a market valuation. They both deal with similar aspects, but are in fact completely different surveys acquired for different reasons.

So, what exactly is the difference between market value and probate value? A probate valuation is a survey completed by a chartered surveyor that determines the total worth of a property and accompanying assets used for inheritance tax reasons. A market valuation is conducted by an estate agent to determine the value of the property in comparison to similar properties that have recently been sold within the same region.

To help you learn more about what each survey is, and when you’ll need them, our trained experts have written this short guide. We understand that dealing with probate can be a difficult time, with many overwhelming aspects. To make this process smoother, it’s a good idea to learn more about what proceedings you’ll be going through.

Simply keep reading to learn more.

What is market value and how is it different from probate value?

Despite these two surveys having similar purposes, they are, in fact, very different. A probate valuation is a housing valuation that’s completed if the owner(s) of the property has died, and a thorough valuation is required for inheritance tax purposes by HMRC. A market valuation is completed by an estate agent when someone is simply looking to sell a property. In the instance where you’ve inherited a property after probate, to list the property on the market you will then need a market valuation from an estate agent. In other words, the difference between these two valuations is their purpose, and who completes them.

Is probate value usually less than market value?

As RICS chartered surveyors, the team at Crest often get asked if probate value is less than market value. The answer is no.

Probate value simply means the value of the property at the time of the owner’s death. As the housing market continually changes, these prices can rise or fall between the probate valuation, and the market valuation conducted by estate agents. This depends on a variety of external factors, such as inflation rates, any damages to the property, any changes within the local market, and more. In other words, differences between probate and market value will usually be minimal if they aren’t very similar.

Can you sell a property for less or more than probate value?

While probate and marketing valuations often provide you with an accurate price for how much a property is worth, the market itself can be unpredictable, meaning that the end result may be that you will sell it for more or less than the probate value. If this is the case, you will simply need to declare the actual selling price to HMRC to ensure that you’re provided with the correct inheritance tax bill.

Why do you need a probate valuation?

When a property goes into probate, it’s essential that the person responsible for the estate and all the belongings provides HMRC with a thorough valuation from a trusted professional to accurately calculate the value of inheritance tax that will be charged. If the valuation is incorrect, or completed by a non-professional in this field, then you may be charged more inheritance tax than is due.

Even if you decide to keep the inherited property, a probate valuation is still essential as you will still need to pay tax when you decide to sell the property. For example, if you inherit a house that’s worth £200,000, you will not pay inheritance tax on this straight away. If you lived in the property for a couple of years and then decided to sell it, you would need to pay capital gains tax on any profit you make. So, if you sold that £200,000 house 2 years later for £250,000, you will pay tax on the £50,000 profit.

Get help with your surveys from Crest Surveyors

If you’re in a position where you need a probate valuation, or you’re simply seeking advice, our expert team at Crest Surveyors are here to help.

Explore our Inheritance Tax Survey page for more information regarding how we can help if you live in London or the surrounding areas.

Can you sell a Help to Buy property within 5 years?

Posted on January 6, 2023August 18, 2026 by Thomas Awoleye

In 2013, the UK government introduced a new Help to Buy scheme that supported the mission of first time buyers to purchase their first home. This scheme included an equity loan, which allowed buyers to purchase a property with only a 5% deposit, as the loan provided cover from 5% to 20% of the purchase price. Once the sale of the house was completed, the buyer was then provided with 5-years free payments on the equity loan.

So, what happens if you decide to sell your Help to Buy property within those first 5 years? If you took out a 20% equity loan and decided that you’re going to sell your Help to Buy property within 5 years, then you will need to pay back the Homes and Community Agency (HCA) 20% of the house value.

This is completed at the time you sell your home so that the HCA is repaid for the money they loaned to you. We can understand that this is a complex process, so to answer your questions we’ve put together this short guide to explain how to sell your help to buy property within the first 5 years.

Simply keep reading to learn more.

Can I sell my Help to Buy property within 5 years?

Yes, you have the freedom to sell your property within the first 5 years of ownership if you purchased your home using the Help to Buy scheme. The main reason why the first 5 years of ownership is interest free on your equity loan is to provide you with a chance to pay back as much of the loan as possible before interest accrues. If you decide to sell before you’ve paid back your loan, then you will be required to pay back the percentage value of the loan from the overall sales cost.

For example, if you paid a 5% deposit on your home, and had a 75% mortgage, then you would have borrowed a 20% equity loan to cover the remaining cost of purchasing the property. If you sold your house before paying back the full amount of the loan, then you will need to pay back 20% of the house value at the time that you sell. For a house that’s worth £180,000, this amount would be £36,000.

How does the Help to Buy scheme work?

The concept of the Help to Buy scheme was to allow first time buyers to jump onto the property ladder with a small 5% deposit. Typically, to purchase a property you will need a deposit of 10% or above. For a house that’s worth £450,000, which is the maximum amount you can purchase for using Help to Buy in London, the deposit would amount to £22,500, compared to a minimum 10% deposit which would be required without this scheme (£45,000).

With this help, you could then purchase a new build home, a home through shared ownership, or contribute towards the cost of building a new home.

The Help to Buy scheme closed to new applications on the 31st of October 2022, with it formally ending in the UK on the 21st of March 2023.

What do I have to pay back if I’m selling my Help to Buy property?

You may be confused about the different types of costs that you will need to pay if you’re considering selling your Help to Buy property. Your equity loan will be the main cost that will need to be repaid. For more information on how much you have to pay, or to access an online calculator, explore the HCA website.

What happens if my Help to Buy house is worth less than what I bought it for?

There are various internal and external factors that contribute towards your house decreasing in value from the time you purchased it. This could include rising interest rates, events within the local area, damage to the property, and more. So, in the instance where your house is now worth less than the price you bought it for, what happens to paying back your equity loan?

If you sell your house before paying back your equity loan, then you will pay back the percentage of the loan you borrowed at the house’s current market value. In other words, if you bought a property for £450,000 in London with a 20% equity loan from the Help to Buy scheme, and the price of the property fell to £420,000, then you would pay back 20% of the new valuation price, and not the price you bought the house for.

Who do I need to contact if I want to sell my Help to Buy home?

One of the most important factors to keep in mind when selling your property within 5 years, is that you will need your house survey and valuation to be completed by a RICS qualified surveyor. This is to ensure that valuation is accurate, and checks every detail required to provide the most thorough cost estimate.

Why choose Crest Surveyors?

At Crest Surveyors, all of our surveyors are members of the Royal Institution of Chartered Surveyors (RICS), providing RICS property valuations and property surveys . This means that not only do you receive a service second to none, but also receive the quickest and most cost-effective solutions for your survey and valuation needs.

How Do You Calculate a Commercial Valuation?

Posted on November 15, 2022August 18, 2026 by Thomas Awoleye

A commercial property is an estate that is used for commercial purposes and is estimated to generate profit. Commercial properties usually accommodate activities such as retail stores, shops, offices, pubs, medical centres and cafes as a few examples, and the value of such a property depends on its income, but there are a number of other ways you can assess the value of a commercial property.

So, how do you calculate a commercial valuation? You can calculate a commercial valuation by looking at the cost, sales comparisons, value per door, income capitalisation and gross rent multiplier. Some of these factors are more suited to certain properties, so it is important to understand the purpose of the property valuation when choosing the calculations you will use.

Read on to find out more on how we work out the different calculations when it comes to commercial property valuations.

How Do You Value a Commercial Building?

In order to calculate a valuation of a commercial property, you need to follow specific steps to make sure you receive the correct figure.

Cost

To determine a commercial property valuation, you need to understand the cost of the land, plus the cost of construction which it has undergone. This is a simple way to start estimating the value of the property in order to produce an approximate figure.

Cost of Land + Cost of Construction = Commercial Value

Sales Comparison

This technique works out the market prices of available and similar properties currently on the market. Start by listing out the detailed characteristics of your commercial property specifically and make sure to include the number of floors, number of rooms and the floor area in this listing. This will help you to then find the prices of any similar properties which are currently listed on the market.

Value Per Door

This method is necessary if you are determining the value of apartments/shared office spaces that are of the same quality. This is worked out by; the total price of one property, divided by the number of apartment units that are available to get the value per unit, or door. This figure is then used to determine the price of a similar apartment/office space, with a different number of available units. The figure of available units on another property is multiplied to the value per door to get the total value of the property.

Total Cost of the Property / Number of Units = Cost per Door

Income Capitalisation

This technique is used to calculate a gauge of a property by looking at the revenue of the business which is occupying the property. To calculate, first take the properties net annual rental income and divide by your estimate of the building value. (this is based on sales of similar ones in the local area) This will then give you the rate of return. Finally, take your net operating income and divide it by that figure.

Net Annual Rental Income / Estimate Building Value = Rate of Return

Net Operating Income / Rate of Return = Income Capitalisation

Gross Rent Multiplier

This gives you an understanding of how long it will take to pay off property payments based on gross rental income. To simplify this, you just take the estimated property value or the total borrowed amount and divide it by the gross annual rental income.

Estimated Property Value / Gross Annual Rental Income = Gross Rent Multiplier

Do I Need to Get a Commercial Property Valuation and Who Should Get One?

If you know the value of the property, it gives you an advantage for any of the below scenarios:

As a Seller – it gives you the knowledge of knowing how much your property should be sold or leased for.
As a tenant – This allows you to know if the monthly price payments you’ve been given are accurate.
For a loan – mortgage lenders will run checks to ensure the amount they are lending to you is the correct amount.

Property Valuation Vs Property Survey

So now you understand commercial property valuation and how to calculate one, it is important to understand the difference between a property valuation and a survey. The two services have vast differences.

The terms of a property valuation and property survey are often interchangeable, leading to confusion. However, property valuation and surveys have different purposes.

The purpose of a property valuation is to understand the property’s market value in preparation for buying or selling, whereas a property survey is performed to determine the value of and any repairs that are required to a property. Surveys also highlight any structural damage or faults ahead of buying a property.

Learn more by reading our recent blog that goes into more detail about the differences between valuations and surveys.

Commercial Valuations at Crest Surveyors

At Crest Surveyors, all of our surveyors are members of the Royal Institution of Chartered Surveyors (RICS), and provide quality RICS property valuations and property surveys across London and the Home Counties. Enquire today to find out how we can calculate a commercial valuation for your property.

FAQ’s

How Much Does a Commercial Property Valuation Cost?

There is no one-size-fits-all cost when it comes to commercial property valuations. However, when trying to work out an estimated cost, the following information must be taken into account; the size of the property, the location and the age of the property.

What is a defect analysis survey?

Posted on November 15, 2022August 18, 2026 by Thomas Awoleye

Before you purchase a property, it’s important to know the exact condition of the building, framework and structure. From structural concerns, such as cracks, to issues regarding damp or roof repairs, a building survey allows a full understanding by a trained professional to bring any issues to attention. For this reason, they should be an essential part of anyone’s property purchase journey.

So, what exactly is a defect analysis survey? Also known as a building survey, a defect analysis is an in-depth report that details any current or potential problems with a building, and solutions on how they could be fixed.

To learn more about building reports and why they’re important, simply keep reading this short guide written by our chartered accountants at Crest Surveyors.

When do you need to get a building survey report?

If it’s the first time you’re purchasing a property, you may be wondering when the best time to get a building survey completed is. To ensure that you’re happy to continue with purchasing the property, the best time to get a defect survey completed is after you’ve put in an offer and it has been accepted.

This will enable you to discover if the building has any issues that you should be aware of before you’ve completed the purchase. In other words, it provides you with the opportunity to not go through with the sale if you’re unhappy with anything that you discover in the report.

This safety net is especially essential to ensure that you’re protected against any unwanted costs to have the property repaired. For example, if you had a survey completed after purchasing a building and discovered that a crack in a supporting wall needed to be urgently repaired, it would be your responsibility to cover the full costs.

How long does a building defect analysis take?

If you’re selling your house and the buyer has paid for a defect survey, you may be wondering how long it’ll take to complete, and how invasive the survey will be in your home. Typically, a survey can take around 2 hours to complete.

It’s understandable to feel aprehensiveor nervous before having your property surveyed. Any surveyor that enters your home will be a trained professional, so they’ll understand your needs and concerns. For peace of mind, a surveyor should not need to look at any of your wardrobes or cupboards unless they are fitted into a wall. If you have any questions, you should be able to contact the surveyors in advance to have any worries eased.

What type of issues does a building survey look for?

When a property is surveyed, the surveyor will typically look for any issues or concerns regarding:

Dampness.
Wall conditions.
Structural defects.
Roof defects (including the guttering and draining).
Extension conditions, including any porches or conservatories.
External issues, such as trees or retaining walls.
Chimneys.
Building movement.

From any concerning cracks, to issues with dampness, leaks or problems with the roof, all areas of the building’s structure will be examined to determine any fault or potential issues. This will then be written up into a report for you to explore, including suggestions for repairing any problems quickly and in a cost effective manner. In some instances, the surveyor can also suggest approved and recommended tradespeople to fix any problems.

What does a defect survey look like?

Once you receive your completed building survey, you’ll discover a completed report that details the date, time and weather conditions during the time of the survey, along with an outline of the property conducted room-by-room. Each section will detail if any issues with the property were found, along with their significance and recommended suggestions to fix any problems.

If any issues are found, your report will also include the cause of any issues. For example, if there’s damp found on a wall, the report will detail if this was caused by a leak, ventilation issues, or any other found source. This will help to budget in any potential cost repairs if you wish to continue with purchasing the property.

Do I really need to get a defect analysis survey?

Having a building analysis survey completed before you purchase a new property is not a legal requirement. In fact, it’s estimated that only around 20% of people have a survey completed to reduce costs, as highlighted by Churchill Insurance. But is this the right thing to do?

The truth is that while a property might appear structurally sound, only a trained professional will be able to tell you if it really is. Cutting out the cost of a survey during the buying process may open up the risk of any surprise payments after you’ve purchased the property that could be significantly higher than what a survey would be. So, is this really worth it? For peace of mind, and to ensure that you’re happy with your purchase, having a survey completed is always recommended.

Why choose Crest Surveyors?

If you live in London or the surrounding counties, Crest Surveyors is here to help you on your property purchasing journey. We offer a full building analysis survey with budget in mind, meaning that we offer a fair and affordable price to help you find any issues with your potential new purchase. We are a RICS-approved surveyor, meaning that we’re fully qualified, trained and trusted.

The team at Crest Surveyors also work to have your completed survey with you within 2-3 weeks. We know that purchasing a new property can be a stressful time, and we want to make sure that your survey is completed thoroughly and quickly so that you can focus on your new move.

Our team is also here to help you with any questions that you may have. Whether it’s related to your survey, or you’re unsure how to use your completed survey, simply get in touch and we’ll guide you through any questions or concerns you may have.

For a friendly and helpful service, get in touch with Crest Surveyors to learn more.

What Should a Schedule of Conditions Survey Contain?

Posted on November 15, 2022February 6, 2025 by Thomas Awoleye

Often people underestimate the level of detail that is required within a schedule of conditions survey and end up missing valuable information and evidence. In this blog, Crest Surveyors will explain exactly what should be included in a schedule of conditions survey so that you can feel confident next time you complete one, or have one conducted on your behalf.

So, what should a schedule of conditions survey contain? A schedule of condition survey should contain the purpose of the document, details of the location and extent of the property, any restrictions and weather conditions on the day, a description and explanation of the conditions of the property elements, photographic evidence, and definitions of descriptive terms used.

Keep reading to find out more about the schedule of conditions survey, including whether they are a legal requirement and who produces them.

What Should be Included in a Schedule of Conditions Survey?

A schedule of condition survey is a detailed assessment of a property’s condition that is usually completed before a lease is signed, and is often saved for future use. It is important that all relevant factors are covered within the survey. Below we have listed the typical features of a schedule of conditions survey, so you know exactly what to include.

The Purpose of the Survey	The first part of the schedule of conditions survey should detail the purpose of the document. This helps to lay out a road map for the expectations of the document and can also include a table of contents.
Details of the Location and Extent of the Property	The second part of the document should include the location and details on the extent of the property. For example, the location may have a significant effect on the valuation of a property if it is in quite a wealthy area. What’s more, the document should detail additional areas that have been evaluated in the survey such as parking spaces or gardens. This is a helpful context of the property that may be considered when a property is being leased or sold.
Restrictions of the Inspection	It is also important to detail any restrictions that may have impacted the outcome of the schedule of conditions survey. For example, if a neighbour was having construction work completed. This may have impacted the extent to which certain areas of the property could have been assessed.
Weather Conditions and the Date of Inspection	Both the date and the weather conditions on the day of the survey should be detailed within the document. This is because the weather could affect the conditions of the property on the day and may influence the survey ratings.
Description of the Property and condition of Elements	Next, there needs to be a description of the property which includes all aspects of the building. For example the roof, walls, windows, guttering, drainpipes, steps, external walls, water pipes, extensions, ceilings and more. Under each of these sections it is important to provide a brief description of the condition of these features. This will act as a benchmark for when the property is leased.
Photographs or Relevant /Drawings of the Property.	If certain elements of the property are difficult to describe in words or could simply benefit from it, images and drawings can be used. These can help to validate the descriptions and conditions of elements that are described in the document. This section can also be useful if a dispute is taken to court because it can act as useful evidence.
Definitions of Terms Used	The final section of the schedule of conditions survey should be definitions of the terms used in the document. For example, if some damage is described as minor, a clear definition of the word must be detailed in the document so that the user can understand the writer’s interpretation of the damage.

What are the Objectives of Condition Survey?

The main objective of completing a schedule of condition survey is to place a property into one of the following categories:

No signs of distress
Some signs of distress that can be repaired to satisfy relevant safety laws
Damaged beyond repair and recommended to be demolished

By completing a schedule of conditions survey, the condition of the property can be assessed to determine its condition which can then later be used in court if there are any legal issues. For example, if a tenant claims that some damage to a property was present before they moved in, this documentation can be used to prove otherwise.

Is a Schedule of Condition Survey a Legal Requirement?

A schedule of conditions survey is not a legal requirement. However, it is recommended that one is completed before a property is leased. Furthermore, despite it not being a requirement of the Party Wall Act 1996, it can support people who are in legal disputes with neighbours that are completing work on walls that are adjoining to other walls.

Due to the schedule of conditions survey being so useful as a form of evidence, most property experts or surveying companies would recommend that one is completed before every lease. They do not have to take a significant amount of time, especially when they are completed by an experienced surveyor, and they can result in a lot of money being saved during court disputes.

Who Produces a Schedule of Conditions?

A schedule of condition survey can be completed by a variety of people depending on the preference and instruction of the landlord. The landlord can decide whether the survey is completed by themselves, a tenant, an employer, or a contractor. As long as the person can be trusted to complete the document truthfully and accurately, almost anyone has the ability to complete the survey.

However, if you wish to err on the side of caution, it is recommended to have the schedule of condition survey completed by someone with experience. This is because they will have the knowledge and experience to ensure that no important aspects are missed out of the document. The last thing you want is to be lacking some relevant evidence if a dispute is taken to court.

Schedule of Condition Surveys at Crest Surveyors

At Crest Surveyors, our experienced surveyors are members of the Royal Institution of Chartered Surveyors (RICS) and provide a variety of property surveys, including schedule of condition surveys.

Get in touch today to find out how we can support you with your schedule of conditions survey requirements/

Do you need a red book valuation for capital gains?

Posted on November 15, 2022August 18, 2026 by Thomas Awoleye

We understand that tax is difficult. From working out which tax you need to pay, to estimating how much tax you owe. It can often feel like a minefield with no map. To make the process more simple on any additional properties that you may own, or come to own in instances such as probate, red book valuations are here to help.

So, why do you need a red book valuation for capital gains tax? They provide a thorough evaluation of the property to the high standards of the RICS, which in turn provides you with an accurate estimate of what the property is worth. This makes the tax calculation process much easier, as it provides a clear guide price for those tricky calculations.

To help you learn more about capital gains tax valuations, our team has put together this short guide for you to explore.

Is a red book valuation essential for capital gains?

Yes. Where tax is concerned, red book valuations are often requested to ensure that all calculations are correct. Due to the complexity of tax, a thorough valuation of the property in question helps to eliminate the risk of issues arising from paying the incorrect amount of tax.

This is especially the case when it comes to capital gains tax. Before you’re required to pay, you have a non taxable allowance up to £12,300. Any profits made on your assets after this amount will be tax deducted.

It is your responsibility to complete any tax return forms, which is why record keeping is essential to this process. This includes the Post-Transaction Valuation Checks for Capital Gains (CG34), where you have a 60-day filing requirement to submit your valuation figure.

Why do I need a red book valuation?

Other than to provide an accurate property estimate, you may be wondering why else do you need a red book valuation? The honest answer is that they outline the global standards in which property valuations should be conducted, meaning that you’ll be provided with highest quality support and guidance during the evaluation process. This is both in terms of service, and written reports that can be passed on to third party members (such as HMRC).

Is inheritance tax the same as capital gains tax?

No. Inheritance tax is something that is paid if or when you inherit possessions or property after someone has died. In comparison, capital gains tax is a tax bill that occurs when you sell something that has increased in value.

The confusion occurs between the two taxes because both may be applicable if you inherit property from a deceased person through probate. For example, if you inherit a property after someone has died, any beneficiaries will not be liable to pay capital gains on their inheritance. However, beneficiaries will be subject to pay capital gains tax if they choose to sell the property at a later date for any profit.

Who can provide a red book valuation?

It’s important to note that only a trained and RICS registered professional is qualified to carry out a red book valuation to help you calculate your capital gains tax. This includes any RICS registered chartered surveyors who will be able to guide and support you through the process.

Why choose Crest Surveyors to assist with your red book valuation for capital gains tax?

If you’re looking for friendly, experienced, RICS-qualified surveyors to help you with your capital gains tax valuation, then you’re in the right place. Our expert team has experience with a wide range of properties in the London and Surrey area. We will provide you with a thorough valuation report that includes detailed descriptions of the property, photographs, methods used for valuations and more.

Our team will help you through every step of the way to ensure that you’re paying the correct amount of capital gains tax on your property. All our work complied with the RICS UK Guidance Note 3 and Taxation and Chargeable Gains Act (1992).

If you have an enquiry or questions about your property, simply speak to one of our team members today using our contact form.

FAQs

What is a red book valuation?

A red book valuation is an in-depth property valuation conducted by someone who is a qualified Royal Institute of Chartered Surveyors (RICS). It provides the highest standard of property valuation, and can only be carried out by a trained professional.

What is capital gains tax?

Capital Gains Tax is a UK tax charged on any profits made from the sale of an asset which has increased in value. This includes if you’ve sold the asset, exchanged it, given it away as a gift or received compensation on it.

An asset can include an item, properties that are not your main home, business assets or shares.

How much tax do I pay on capital gains?

The amount of capital gains tax that is required to be paid depends on your current tax bracket, and the amount of gains. For example, if you’re a basic rate taxpayer and the amount of gains is within your taxable income, then you will be subjected to 18% tax on residential property.

If you’re within a higher tax bracket, then you’ll be subjected to 28% tax on capital gains for residential properties.

When do you need a red book valuation?

Red book valuations are required at any time an estimated worth of property is needed for formal valuations, or for tax purposes.

When do I need to get a valuation for capital gains?

You will need to acquire a valuation for your additional property/properties before you plan on selling, swapping or transferring the land.

How accurate is a red book valuation?

The RICS standards set out in a red book valuation ensure that this report is thoroughly accurate and in line with the current legislation and regulations.

Do I Need an Official House Valuation for Probate in the UK?

Posted on November 15, 2022August 18, 2026 by Thomas Awoleye

When someone dies, their estate and all personal belongings must be valued up to be divided among any beneficiaries that may be outlined in their will. This includes a full property valuation, along with outlining the financial worth of all assets, savings or debts to HMRC. During this process, it’s important that everything is valued correctly to avoid any misrepresentations or inheritance tax investigations. So, do you need an official house valuation for probate in the UK?

It’s vital that you get an official house valuation for probate from a RICS-registered surveyor. The housing market changes all the time, so it’s important to get a new, up-to-date house valuation from a professional who provides an accurate worth of the property.

Read on to learn more about why you need a house valuation for probate, who organises the valuation, who can carry it out, when a red book property valuation is needed, and much more.

Why Do I Need an Official House Valuation for Probate in the UK?

As a part of the probate registration application, you will need to know the worth of the estate, including every individual property that is in it.

The estimated worth of properties, such as their home or other buildings, will become part of a report that calculates how much inheritance tax you may have to pay. It’s important that this worth is accurate because if the person who has died is a widow or is planning on giving away their home to their children once they pass, the tax due to pay may be higher.

To avoid any miscalculations and to protect you against any investigations, you should get a house valuation from a trusted RICS-registered surveyor.

Who Organises the House Valuation for Probate?

Legally, the person who is named as the executor of the deceased person’s will is responsible for calculating the total of all assets. There may be more than one person who are the deceased’s ‘personal representatives’, or there may be none.

In the case where no representatives are named, or in instances where a will has not been made, an administrator will be appointed.

Who Can Carry Out the Valuation?

Property valuation is a complex process that requires training and in-depth knowledge of the current property market. For this reason, only a Chartered Surveyor should conduct a probate valuation.

According to HMRC’s official guidance, for estates worth over £325,000, a professional house valuation from a chartered surveyor is required. For estates worth under £325,000, or where the entire estate is being passed to a spouse or civil partner, an informal valuation from a professional body may be considered. This could include companies like estate agents that often offer free valuations for houses they sell.

Do I Need a Red Book Valuation for Probate?

Yes, you will need a red book valuation in order to get an accurate valuation for probate. A red book valuation is the standard by which surveyors carry out the valuation. As a quality standard for surveyors, all RICS valuations are classed as red book valuations.

As the term red book valuation refers to the quality standard, they can have different purposes such as probate, shared ownership, or capital gains. Because you need to get an accurate value of the property, you’ll need a red book valuation such as those at Crest Surveyors to get an accurate price.

Selling the Property for More Than the Probate Value

It’s important to consider that you may be taxed more if the property was sold for more than the probate value amount. You may also be liable to be taxed for Capital Gains. Using a professional Surveyor will help to minimise this risk, as your valuation will be in line with current market prices.

Selling the Property for Less Than the Probate Value

So, if you get charged more tax if the property sold for more than the probation valuation, does this mean you will get charged less tax if the property sold lower than its worth? The answer is yes.

If the property sold for less than the appraised value, then you may be entitled to a tax refund for overpayments. Before you apply for a refund, it’s important that you first contact a solicitor to validate your claim and ensure that all laws for this process are followed.

How Do Property Valuations for Inheritance Tax Work?

The executor of the will, or persons responsible for the estate, will be in charge of paying inheritance tax. Every estate has a tax-free allowance of £325,000 including assets, meaning that you are only charged with inheritance tax on any amount that goes above this figure. The current rate of inheritance tax stands at 40%.

For example, if the deceased person’s estate is worth £500,000, and £325,000 of that is tax-free, then inheritance tax will only be charged on £175,000. This means that the total amount payable on an estate worth £500,000 would be £70,000.

House Valuations for Probates in London

At Crest Surveyors, we understand that the probate process can be complex, difficult and overwhelming during a time of mourning. Our team is here to help make this process easier and reduce stress to ensure that all properties are dealt with smoothly after a loved one has passed.

Our team are all RICS Registered Surveyors, and we offer a full probate valuation, and Red Book Valuation. We’ll work closely with you to guide you through all formalities and stages during this time.

This includes our cost-effective pricing system which means we guarantee a fair market price for all services. Our house valuation for probate prices starts from £450, including VAT.

Get in contact with one of our team members to receive a quote on any valuations needed for probate-related enquiries.

House Probate Valuation FAQs

What Does Probate Mean?

Probate is the term used to describe the legal processes that deal with the deceased person’s estate. This includes any properties, possessions and savings.

What Will Happen to the Property After The Valuation?

Once you’ve obtained your probate value for the property, you’ll be provided with a clear indication of how much the property is worth in the current market. What happens to the property next depends on a variety of factors, such as if you’re inheriting the property, or if you’re wishing to sell the property.

How Many House Valuations Do I Need for Probate?

To value the property itself, you’ll only need one house valuation from a RICS-registered surveyor to get an accurate picture of the property’s worth. However, you’ll also need to value the other assets, which might include multiple valuations from experts in different fields if there are items of worth.

What Is Looked at in a Full Structural Survey?

Posted on November 15, 2022August 18, 2026 by Thomas Awoleye

If you’re looking to buy a new property, then you’ll want to ensure that your money is being invested in a structurally sound and safe building. This is where a full structural survey is essential. It’s important to be aware of any potential issues, damages or factors that may decrease the property’s value. So, what’s covered in a full structural survey?

A full structural survey, also known as a Level 3 Home Survey, offers a level of inspection that covers every basis, such as a detailed description of every part of the building, any potential hazards that may cause future damage to the property, and a cost breakdown of fixes that need attention.

Read on to find out more about full structural surveys, when you’ll need one, how long it will take, how long it’s valid for, and more.

What Is Included in a Full Structural Survey?

A full structural survey is the highest level of survey you can purchase to investigate the condition of a property. This type of inspection not only determines if there’s any additional costs to fix any potential problems, but also how much those costs are estimated to be and how urgent they are to get fixed. In a nutshell, you’ll be provided with a complete comprehensive overview of the property’s condition.

To be more specific, your full structural survey will include:

Room-by-room descriptions and detailed analysis of the building’s condition.
Photographs to document any evidence of the property’s condition.
Descriptions of any potential hazards that need to be addressed.
Cost breakdown of any potential fixes that will need attending to.
Energy Performance Certificate (EPC) and energy efficiency advice.
Details of any legal matters relating to the property.

The level 3 Home Surveys examine all physical details of the property, from large problems to small defects in more detail. If you live in the property that’s due to be inspected,it’s worth considering that they may feel intrusive. However, to safeguard the condition of your property, they’re worth the short inconvenience. Of course, they will force or open up the fabric of the building without your consent. If you should not give consent, they will provide this information in the section about the limitations of the survey on their report.

For more information on what’s included in a full structural survey in London, read the RICS guide on Building Surveys.

Who Carries Out a Full Structural Survey?

Only a RICS (Royal Institution of Chartered Surveyors) Chartered Surveyor can carry out the in-depth inspection of your property that’s required for your full structural assessment. This is to ensure that the client is provided with the highest quality survey from an experienced and trained professional, and that the survey is carried out to the best standards. This not only protects the client to guarantee that they’ve been provided with an outstanding service, but also helps to protect the property by identifying any minor or serious defects that may need addressing.

How Long Does a Full Structural Survey Take To Come Back?

Due to the in-depth requirements of this survey, they often take an average of two to five hours to complete. This does not include writing up the report, which should be issued to you within 6 working days after the inspection. For this reason, if you’re planning ahead for your house structural survey, then it’s worth making sure that you’re available for the whole working day to have the survey completed.

How Long Is a Full Structural Survey Valid For?

If you’re selling your house, your report should be no more than 12 weeks old to ensure that it has the most up to date information possible. If your report is older than this, mortgage lenders could request a new report.

Outside of selling your house, the report doesn’t have a fixed expiry date. If you’re conducting a house structural survey on a property that you’re looking to buy, you’ll want to get this done once you’re ready to continue the homebuying process. Otherwise, issues that are raised in the report could worsen before you buy the property.

Do I Need a Full Structural Survey?

When looking to cut down on costs during the process of buying a property, most people often ask the dreaded question, “do I need a full structural survey?” To avoid the risk of any surprise damages or costs once you’ve moved in, the answer is always yes. This is especially the case if your potential purchase property is grade listed, old or has any unusual features.

While they’re not a legal requirement, a house structural survey provides the peace-of-mind that the money in which you’re using to purchase your property is a sound investment. Or, if you’re selling, it shows potential buyers that your property is safe and won’t cost them to get repaired. For this reason, they’re essential for providing reassurance to the buyer that their new property is in great condition. If any problems are identified within the survey, you may be entitled to request to the buyer that they fix it before the property is sold.
The truth is that unless you carry out a survey, you won’t know the full condition of the property until you have full access to it. To protect yourself against any unwanted costs, a full valuation survey will address all or any issues.

How Much Does a Full Structural Survey in London Cost?

As one of the most comprehensive and detailed surveys you can have conducted, it may come as no surprise that the cost of a full structural survey in London is higher than that of a standard property survey. On average, a Level 3 Home Survey can cost anywhere between £400 to £2000.

Is It Worth Paying for a Full Structural Survey?

It’s always worth investing in a comprehensive survey of a property that you’re looking to buy. Studies show that around 67% of buyers are able to renegotiate their offer or request that the seller carries out repairs after performing a survey. This means that should you find faults with the property in question, you can negotiate with the seller or make an informed decision on whether you want to walk away or continue.

This could save you a lot of money, but also prevent a lot of the stress that comes with purchasing a home and wondering if you’re made the right choice.

What Do Problems Found in a Full Structural Survey Cost?

As always, the cost of repairs will always depend on the scale and nature of the issue, so it can often be difficult to estimate. It’s always important to get a quote from specialist contractors before making your decision. Your surveyors will also give you estimated costs as a part of your full structural survey. Here’s a list of the most common issues that around from a survey and how much they cost to fix:

Damp – While this may be fixed by heating the property efficiently and removing humidity, if work is required it can cost around £2,750.
Asbestos – Asbestos can still be found in older buildings and homes. Removal will often cost around £2,500.
Insulation Problems – The cost of upgrading or replacing insulation will be around £1,500.
Electrical Issues – You may only have to pay for an Electrical Installation Condition Report, but if you’re unfortunate enough to require a full rewire it will cost around £4,000.
Flat Roofing – Flat roofs often have considerable wear and tear or sagging, this can cost around £1,200 for a replacement.
Faulty Drain Pipes – Replacing drain pipes is normally about £650.
Invasive Plants – Plants can often grow through cracks in concrete or drains. Depending on the plant in question, this could be close to £3,000.
Structural Issues – Issues such as cracked walls and things that suggest structural movement could cost an average of £13,500.
Roof Issues – Simple issues such as broken tiles cost around £100 per six tiles. However the cost of a 3 bedroom house’s roof adds up to a whopping £7,000.
Bug Infestations – Wood boring insects in particular can be a massive problem, especially in older houses with wood frames. This could cost around £1,000 to correct.

Full Structural Surveys With Crest Surveyors

If you’re looking for a RICS-qualified Chartered Surveyor to conduct your full property valuation within London and the surrounding areas, then our qualified and experienced team at Crest Surveyors are here to help.

We provide budget-friendly house valuations to provide you with security and confidence to aid you in your decisions. Not only do we provide a thorough report to detail your completed surveys, but we’re also available to assist with any questions, legal guidance and support during your property purchase journey.

To learn more about our full structural surveys, simply contact one of our team members today.